Strickland Brothers Closes $360 Million Committed Financing to Support Continued Growth

PRINCETON, N.J. & WINSTON-SALEM, N.C.--(BUSINESS WIRE)--Strickland Brothers (“Strickland” or the “Company”), one of the largest independent quick-lube operators in the United States, today announced the closing of a new committed financing provided by Golub Capital and Audax Strategic Capital (“ASC”). The financing is designed to support the Company’s acquisition activity and enable continued expansion of Strickland’s brand and national footprint.

Founded in 2016 and headquartered in Winston-Salem, North Carolina, Strickland Brothers is a national operator and franchisor of drive-thru, 10-minute oil change and automotive maintenance service centers, with nearly 300 locations across 27 states. Strickland is a portfolio company of Princeton Equity Group (“Princeton”), a leading private equity firm with substantial experience investing in high-growth, multi-site, and franchised businesses.

“This financing gives us added flexibility to continue scaling the business while remaining focused on providing a world class customer experience,” said Justin Strickland, Founder and Chief Executive Officer of Strickland Brothers. “With Princeton’s continued support and experienced capital partners alongside us, we’re well positioned for the next phase of growth.”

“We’re excited for the next chapter of growth at Strickland as we continue to build out our national footprint,” said Phil Piro, a Partner at Princeton Equity Group. “This transaction provides significant runway to execute on strategic acquisitions and brings two capital partners with deep experience investing behind multi-site automotive services companies.”

Golub Capital is a market-leading private credit manager with over $90 billion of capital under management, specializing in providing flexible financing solutions to companies backed by private equity sponsors.

“The Strickland Brothers team has built a high-quality platform with a disciplined growth plan,” said Spyro Alexopoulos, Co-Head of Direct Lending at Golub Capital. “We’re pleased to provide a flexible financing solution that supports the Company’s acquisition strategy and helps propel the next phase of growth.”

Audax Strategic Capital provides customized, mid-hold equity solutions for private equity-backed companies. ASC is investing out of its debut fund, comprised of approximately $1.3 billion of total capital when combined with related vehicles and Audax Private Equity’s GP commitment. ASC is part of the Audax Private Equity platform, a capital partner to middle market companies with $19 billion of assets under management.

“We’re excited to partner with Princeton and the Strickland Brothers team as they continue to build a national platform, with a loyal customer base,” said Kumber Husain, Managing Director at Audax Strategic Capital. “We believe the Company’s scale, growth trajectory, execution, and market thesis make it a compelling opportunity.”

Strickland Brothers was advised by Piper Sandler & Co. and Herbert Smith Freehills Kramer LLP.

About Strickland Brothers

Founded in 2016 and headquartered in Winston-Salem, North Carolina, Strickland Brothers is one of the largest independent pure-play quick-lube platforms in the United States. The Company operates and franchises drive-thru, 10-minute oil change and automotive maintenance service centers under the Strickland Brothers 10-Minute Oil Change brand, delivering a convenient stay-in-your-vehicle experience supported by a simple and scalable operating model. For more information, visit www.sboilchange.com.

About Princeton Equity Group

Princeton Equity Group is among the most experienced franchisor and multi-location investors in the United States and manages approximately $1.6 billion of assets. Princeton invests in leading franchisor and multi-location companies and views each investment as a long-term, supportive business partnership with founders and management teams. For more information, visit www.princetonequity.com.

About Golub Capital Sponsor Finance

Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. The firm’s Direct Lending group provides buy-and-hold financing for sponsor-backed transactions with hold positions up to $1 billion and arranges syndicated credit facilities up to $2 billion.

As of January 1, 2026, Golub Capital had over 1,100 employees and over $90 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia and the Middle East. For more information, please visit golubcapital.com.

About Audax Strategic Capital

Based in New York and London, Audax Strategic Capital is a flexible partner to private equity sponsors seeking customized equity solutions to drive the continued growth of their portfolio companies. ASC is part of the Audax Private Equity platform, a capital partner to middle market companies with $19 billion of assets under management, as of March 2025, over 280 employees, and 100-plus investment professionals. For more information, visit www.AudaxStrategicCapital.com.